Hi Friends,
We are about to buy a home contained by Mason Ohio and the closing is expected to happen surrounded by a few days. I was asked by mortgage lender that if I would be intersted surrounded by ' Owners title Insurance policy'?
Already there is a fees ($763.00) that I am paying as Title Insurance fees. So do I really have need of this extra protection of 'Owners Title Insurance Policy' and if so how will it help me to own this extra protection, when already I am paying for one.
Any suggestions or feedback will be highly appreciated.
Thanks
Ram
Answers: The title insurance is the Lender's policy that protects the lender from any liens on that property. The Owners policy is for you, the owner to protect you from any liens that may show up on the property. For example, if contained by 10 years the county finds that someone else owned part of your park and owes money on it, you would be responsible to pay that if you didn't ave an owners policy. It's def worth it to draw from it.
You have to buy the title insurance for the mortgage company, but if you want to protect yourself you should consider it.
A impressively close relative of mine just collected funds from a title company. Short book is that there be two owners on a house and only one of them signed sour on it. This was discovered five years subsequent when the present "owner" went to provide the house after it had appreciated greatly surrounded by value. Technically he couldn't provide it because it really didn't belong to him. That would've been a mess. If you're buying an existing property I would to be out of danger.
But, I tend to think if you're buying a fresh home in a sizeable community (whereas all of the owners could be affected) the risk is lessened somewhat.
Jeff
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We are about to buy a home contained by Mason Ohio and the closing is expected to happen surrounded by a few days. I was asked by mortgage lender that if I would be intersted surrounded by ' Owners title Insurance policy'?
Already there is a fees ($763.00) that I am paying as Title Insurance fees. So do I really have need of this extra protection of 'Owners Title Insurance Policy' and if so how will it help me to own this extra protection, when already I am paying for one.
Any suggestions or feedback will be highly appreciated.
Thanks
Ram
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Answers: The title insurance is the Lender's policy that protects the lender from any liens on that property. The Owners policy is for you, the owner to protect you from any liens that may show up on the property. For example, if contained by 10 years the county finds that someone else owned part of your park and owes money on it, you would be responsible to pay that if you didn't ave an owners policy. It's def worth it to draw from it.
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You have to buy the title insurance for the mortgage company, but if you want to protect yourself you should consider it.
A impressively close relative of mine just collected funds from a title company. Short book is that there be two owners on a house and only one of them signed sour on it. This was discovered five years subsequent when the present "owner" went to provide the house after it had appreciated greatly surrounded by value. Technically he couldn't provide it because it really didn't belong to him. That would've been a mess. If you're buying an existing property I would to be out of danger.
But, I tend to think if you're buying a fresh home in a sizeable community (whereas all of the owners could be affected) the risk is lessened somewhat.
Jeff
Resolved Questions: